Thirty-Year Fixed Mortgage Rates Continue to Decline; Most State Rates Now
Below 5.00%
National Rate Rises Monday, According to Zillow(R) Mortgage Rate Monitor
SEATTLE, Oct. 27 /PRNewswire/ -- The weekly average rate borrowers were quoted
on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis
points last week to 4.87 percent, down from 4.97 percent the week prior,
according to the Zillow Mortgage Rate Monitor, compiled by leading real estate
Web site Zillow.com®. Rates for 15-year fixed mortgages fell six basis point
to 4.32 percent from 4.38 percent, and 5-1 adjustable rate mortgages fell
seven basis points to 3.80 percent, from 3.87 percent the week prior.
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The volume of mortgage requests last week fell 9.6 percent from the prior
week. Of last week's requests, 45 percent were for refinance loans, 53 percent
were for purchase loans and 2 percent were for home equity loans. The prior
week, 47 percent of requests were for refinance loans, 51 percent were for
purchase loans and 2 percent were for home equity loans.
Average Rate Average Rate Change in
Mortgage Type Week ending 10/25/09 Week ending 10/18/09 Basis Points
------------- -------------------- -------------------- ------------
30-year fixed 4.87% 4.97% -10
------------- ---- ---- ---
15-year fixed 4.32% 4.38% -6
------------- ---- ---- --
5-1 ARM 3.80% 3.87% -7
------- ---- ---- --
On Monday, rates for 30-year fixed purchase mortgages rose, with the average
rate on Zillow Mortgage Marketplace at 4.92 percent. For current,
up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, and
Illinois mortgage rates decreased the most, from 5.17 percent to 4.93 percent
in Missouri and from 5.13 percent to 4.91 percent in Illinois. New York
mortgage rates (5.03%) and Connecticut mortgage rates (4.96%) were the highest
in the country, while Oregon mortgage rates (4.83%), Washington mortgage rates
(4.84%), California mortgage rates (4.84%) and Texas mortgage rates (4.84%)
were the lowest.
Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending Week ending Change in
State 10/25/09 10/18/09 Basis Points
----- -------------- ------------- ------------
Arizona 4.93% 5.06% -13
------- ---- ---- ---
California 4.84% 4.91% -7
---------- ---- ---- --
Colorado 4.85% 4.94% -9
-------- ---- ---- --
Connecticut 4.96% 5.05% -9
----------- ---- ---- --
Florida 4.86% 4.98% -12
------- ---- ---- ---
Georgia 4.93% 4.98% -5
------- ---- ---- --
Illinois 4.91% 5.13% -22
-------- ---- ---- ---
Maryland 4.92% 5.02% -10
-------- ---- ---- ---
Massachusetts 4.87% 5.01% -14
------------- ---- ---- ---
Michigan 4.86% 5.01% -15
-------- ---- ---- ---
Missouri 4.93% 5.17% -24
-------- ---- ---- ---
New Jersey 4.95% 5.01% -6
---------- ---- ---- --
New York 5.03% 5.15% -12
-------- ---- ---- ---
North Carolina 4.93% 5.00% -7
-------------- ---- ---- --
Oregon 4.83% 4.95% -12
------ ---- ---- ---
Pennsylvania 4.93% 5.06% -13
------------ ---- ---- ---
Tennessee 4.94% 5.04% -10
--------- ---- ---- ---
Texas 4.84% 4.92% -8
----- ---- ---- --
Virginia 4.87% 4.92% -5
-------- ---- ---- --
Washington 4.84% 4.94% -10
---------- ---- ---- ---
The Zillow Mortgage Rate Monitor is compiled each week using thousands of
mortgage rates for conforming loans quoted on Zillow Mortgage Marketplace by
mortgage lenders to borrowers who have submitted loan requests. State-level
data is gathered for the top 20 states with the highest quote volume on
Zillow. Learn more about our rates.
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace is a free, open, and transparent lending
marketplace, where borrowers connect with lenders to find loans and get the
best mortgage rates. Borrowers anonymously submit loan requests and receive
an unlimited number of custom mortgage quotes with real rates directly from
thousands of competing lenders. Zillow Mortgage Marketplace also provides
mortgage calculators, mortgage advice, mortgage widgets, and lender
directories.
Zillow.com and Zillow are registered trademarks of Zillow, Inc.
SOURCE Zillow.com
Katie Curnutte of Zillow.com, +1-206-757-2785, press@zillow.com
